Venator Materials, which incorporates the spun-off TiO2 and specialty additives business of US chemical producer Huntsman, has completed the second round of a second, upsized, initial public offering (ipo).

With the transaction, the newly independent company sold 21,764,800 ordinary shares, with all of the – undisclosed – proceeds going to Huntsman. The first round of shares was placed in August at a price of $20-22 each.

Venator’s president and CEO, Simon Turner, said management is “pleased with the success of the offering, which results in greater public investment and should enhance trading liquidity in our shares."

At closing, some 45% of the company’s ordinary shares were in public hands, with Huntsman still holding around 55%.

The former sole owner has granted the underwriters a 30-day option to purchase up to an additional 3,264,720 ordinary shares. If they exercise their their option in full, the public will hold some 48% of Venator's ordinary shares, Huntsman about 52%.

BofA Merrill Lynch, Citigroup, Goldman Sachs and J.P. Morgan were the lead book-running managers for both the primary and the secondary offerings.

The Huntsman offshoot is among the three leading global producers of TiO2, with a capacity of around 780,000 t/y, accounting for about 11%% of installed capacity worldwide.

Venator additionally owns 13 color-pigment manufacturing and processing plants producing iron-oxide and other pigments as well as a functional additives facility in Europe, which produces barium- and zinc-based inorganic chemicals. It also owns a timber treatment and a water treatment business.

The company based at Stockton-on-Tees, UK, operates 27 facilities, employs 4,500 people and is active in 110 countries. In fiscal 2017, which ended in March, it had sales of about €1.8 billion, with TiO2 accounting for €1.55 billion.